Reliance Jio's Radisys to buy Mimosa Networks for $60M
Mimosa's portfolio includes point-to-point and point-to-multi-point products based on WiFi 5, the newer WiFi 6E technologies, and related accessories.
Radisys Corp, a wholly owned subsidiary of Jio Platforms Limited, will buy Mimosa Networks from US-based IT services company Airspan Networks Holdings Inc for $60 million on a debt-free, cash-free basis, the companies said on Thursday.
Mimosa's portfolio includes point-to-point and point-to-multi-point products based on WiFi 5, the newer WiFi 6E technologies, and related accessories, such as twist-on antennas and PoE injectors. These solutions have use cases in the backhaul requirements for 5G and FTTX/ FWA rollouts. Jio has been a major customer of Mimosa.
In 2018, Airspan had acquired Mimosa to target cost-effective fixed wireless access network connections.
“Over the years, our collaboration with Airspan has resulted in groundbreaking architectures for high-speed connectivity for both the end user and backhaul applications," said Mathew Oommen, President of Jio.
"Acquisition of Mimosa will further accelerate Jio’s innovation and leadership in the production of telecom network products that deliver value to consumers and enterprises across the globe with cost-effective, rapidly deployable fixed and mobile broadband," he said.
"It (the transaction) strengthens Airspan’s balance sheet, enabling the company to pursue 4G and 5G private and MNO networks, which have been our main focus,” said Eric Stonestrom, Chairman and CEO of Airspan.
Reliance Jio Infocomm USA Inc, a wholly owned step-down subsidiary of Jio, is a shareholder of Airspan and maintains a seat on its board of directors.
PJT Partners acted as a financial advisor, while Cravath, Swaine & Moore LLP, and Dorsey & Whitney LLP were the legal advisors to Airspan.
Covington & Burling LLP acted as the legal advisors, while Ernst & Young was the accounting and tax diligence advisor to Radisys.
Edited by Swetha Kannan